New Illegal SMSF scheme warning

The ATO have recently identified a new scheme where SMSF trustees were informed that they can set up a new SMSF to roll-over the fund balance from the old SMSF and then liquidate their old SMSF in an attempt to avoid paying potential tax liabilities.

Taking part in this arrangement and others like it can result in civil and criminal actions and could ultimately put taxpayer’s retirement savings at risk. You can find a full list of active illegal retirement schemes in the ATO’s Super Scheme Smart information pack.